Phantom Sonic Foundation announced the new Sonic Chain

The Phantom Foundation, the organization behind the Phantom decentralized network, recently announced the creation of a new foundation that will facilitate the launch of the new and upcoming Sonic Chain.

On May, 23, Phantom Foundation CEO Michael Kong announced the new foundation on the Blockchain Network blog. Kong wrote:

“Our team is actively exploring how Sonic Chain can impact and enhance a variety of DeFi and real-world use cases. Industries and applications such as real-world assets, perpetual DEXs, payments, trading, and highly transaction-based games can be transformed at Sonic's speed and scale.” .

The Phantom Sonic Foundation is responsible for overseeing the management of Sonic, managing the network treasury, coordinating partnerships, and growing the DApp ecosystem.

According to Kong and the Phantom development team, Sonic includes a new layer-1 solution and a built-in layer 2 that connects the EVM-compatible network directly to the Ethereum network.

Through the Sonic Chain architecture, users of the upcoming Sonic Network will reportedly be able to tap into Ethereum's vast decentralized applications, liquidity providers and community ecosystem.

Originally launched in 2019, Phantom offers a unique consensus model called Lachesis that deviates from traditional blockchain networks by using direct acyclic graphs and asynchronous Byzantine fault tolerance (aBFT).

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Validators on the Phantom network don't have to work on very current blocks like Bitcoin or Ethereum, but instead work on self-validating transactions and blocks known as “event blocks”.

These event blocks are distributed indirectly to other nodes in order to achieve consensus that is not based on order and authentication.

After the majority of nodes agree on the content of the event block, it is added to the Phantom main chain as the root event block. Phantom's main chain is a veritable blockchain, the consensus mechanism between leg nodes is a directed acyclic graph that facilitates continuous asynchronous communication between all verifier nodes.

The Phantom Foundation explains that this use of asynchronous messaging between nodes allows Phantom to have a completion time of 1-2 seconds per block.